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's what is "money" tonight. it is eight days until the sequester plows into the u.s. economy. who is really facing the most financial pain? how can you make money from it? today's panel cuts through all the washington noise to get you some answers. >>> plus a breakthrough for health care. thousands of self-serve kiosks come to wal-mart and sam's club stores. can free health screenings prove a game-changer for providing care? the founder and ceo of the company behind them joins us. >>> ditch that fancy trip to the caribbean and come get baked in colorado. call jeff sipc oli. it gets green light from colorado regulators. businesses plan to lure tourists and turn colorado into the next amsterdam. will be a hit or the next buzz kill. even when they say it is not it is always about money adam: good evening to you. just eight days and a few hours until the latest government improsed fiscal disaster. eight days until cuts that both sides say they will completely crater the economy take place. and just eight days until budget cuts could tank wall street and the stock market rally which up
a question on everyone's mind -- how do we get the economy to grow from here? no one knows better than the leaders of corporate america. joining on set this morning, 32 adviser ceo robert wolfe. we'll have hanes celestial ceo irwin simon. and the kraft group president, jonathan kraft. >>> on the lighter side of things, spring is around the corner. that must meantime for baseball. white sox vice president ken williams will join us to talk business on and off the diamond coming up at 8:40 eastern time. >>> an interesting mix of topics in rotation today. first, let's get over to andrew with the top headlines. >> thanks. >>> boeing reportedly found a way to fix battery problems with its grounded 787. here's what's happening. involves increasing the space between cells in the battery. a source tells reuters the gaps between the cells were why there was overheating. we'll talk about that in a bit. >>> in other news on boeing, the company's engineers are split on a contract. the largest professional group approved the planemaker's latest contract offer. but members of a smaller technical unio
. agriculture is an important part of our economy and agriculture remains relatively strong in nebraska. for second and cattle, third-quarter production, sixth in soybean production in the second begin ethanol producer. however, farmers and ranchers have also faced the challenge of the drought this past year and they've managed their operations with the efficiency and flexibility. water resources who can give you to be a challenge for agriculture, businesses and communities due to the continuing drought. exports are important to nebraska on my summer that a trade mission to china. we can do need to expand and strengthen a relationship to china, just like canada, mexico, japan and many other countries. during the past few years, nebraska asked for to china have grown rapidly in china is no nebraska's fourth-largest trading partner. the nebraska china relationship is just beginning and i'm confident this will be a growing and improving relationship for many years to come. as we continue to make state government more efficient and accessible to citizens, how to recognize professionals thro
again in that area, and then at some point getting towards the summer, if the economy continues to grow, this market is going to move a lot higher from there. i'm a buyer, still a buyer at these lofty levels. >> went through an entire hour without mentioning the "s" word that everybody hates in washington, sequestration, right? >> yes. >> that's coming up march 1st. soon after that a big jobs number coming up, and tomorrow live economic data. >> oh, yeah. >> that could move this market one way or another. >> as the economic data moves, it doesn't move it long term but short term. if the numbers don't come in where we want and the fed comes out with some statement tomorrow afternoon looking to maybe curtail that buying program. there's a lot of things that come out, but i still think they will be short-term moves. >> the market will ignore the bad news and embrace the good news. how cool is clive davis? >> besides warren buffett the only other legend i would shake hands with on the trading floor. >> and we were all thrilled to do that. his book is called "the soundtrack of my life" out t
immediately afterwards. -- planned to run it immediately afterwards. this assumption was that the economy would continue to improve or would improve. i think running and losing in 2008 was liberating for him. he found that he could be happy. we kept talking. he wanted to talk about it. we had a busy 2010 client schedule. he finally said, on election day 2010, if you cannot do anything for your client, why don't we meet? ok. we can do that. my partner and i met him. we met him in boston. at his condo. that was when i got a sense that he was intending to run. >> he was serious? and he made the decision? >> yeah. >> covering the white house, he always viewed mitt romney is the face of the republican party. is that unfair? >> no. after the 2008 election, we were thinking about the future. he asked me who i thought the nominee would be in 20 20. i said, mitt romney. i knew we were heading into an economic maelstrom. i spoke earlier to a group about this opposites theory of presidential races. romney and the business background seem like the kind of person who could emerge from that. on electio
misconception that he planned to run immediately afterwards. i think it's -- his assumption was that the economy continued to improve our would improve and i think running and losing in '08 was very liberating for him. and he found that he could be very happy. we kept talking around it, you know, we had a very busy, he wanted to talk about it. we had a very busy 2010 client schedule, in a very mitt romney way he said finally, well, on election day 2010, you can do anything for your clients, why don't we meet on election day 2010? i said, okay, i can do that. so my partner and i met him in boston at his condo on election day 2010. and that was a thing when i got a sense that he was really intending to run. it was serious before but i got the sense he definitely was going to run. >> david, covering the white house, i got the sense that you guys thought you were running against mitt romney. you always sort of viewed mitt romney as the face of the republican party. is that an unfair -- >> no. in fact, the president and i after the 2008 election, we were musing about the future, and he asked me who i
, the strength of our economy, the strength of our moral example, after balance those things. this university has been educating and training people to understand that balance since its very beginning. i spoke this morning with a whole group of very talented young rotc students, many who are getting ready to graduate in commission on the three programs operating on the status. -- on this campus. the university has put 1079 people into the peace corps in its 51 year history. numerous people over the course of the university history have gone to work in the state department's. then we can go broader, teach for america, or the students who have trained over generations to get jag program degrees, military law degrees here. this university is so committed to that global role that we are supposed to play as citizens and to keeping those balances of strength and balance. there's really no one today on this stage in our country where exemplifies keeping those invalid better than our speaker. we're so glad to welcome here to the ground and to the commonwealth. please give a warm welcome to secretary john
to slow the rate of growth on a per capital ya basis to the rate of growth of the economy. in our opinion, that takes about $600 billion to do over a ten-year period. and it does such things as paying for incentives go to pay for quality rather than quantity. it has real cost sharing in there. it happens has mean testing. it has appropriate saving in there in order to take account of, you know, the aging of the population. >> not premium support or vouchers? >> no. we don't think that's something you have to go to in addition to slow the rate of growth to the rate of growth on the economy on a per capital basis. >> simon. >> i just wonder what you and your guests think about whether the ground is shifting on actually getting a deal, on getting something into law. in 45 minutes' time, president obama is going to attempt to pitch the jobs for firefighters over the sequester against further taxing of the rich. he clearly feels that he has greater political freedom in his second term. he has this huge organization attempt to go mobilize outside the beltway and the gop seems very divided. is t
, and the economy. without it, things simply can't exist. woman: we have good health in this country, in part, because we have clean water. and we shouldn't forget that, and we shouldn't take it for granted. melosi: in the late 19th century, serious waterborne disease epidemics were having devastating effects. roy: but then, in the early 1900s, we began to treat our water. and since then, we've seen a rapid decline in the incidence of waterborne disease. narrator: most cities treat drinking water through filtration, chlorination, and sometimes ozonation to kill pathogens in the source supply. these are complex treatment plants that cost millions of dollars to operate, but are necessary for our wellbeing. the treatment of drinking water has been called one of the greatest public health achievements of the last century. the water infrastructure itself protects the treated water until it comes out of our taps. it's been since 1911, since we had an outbreak of cholera or typhoid in the united states. but that doesn't mean that it can't happen. it can happen. if we aren't on our guard all the time
's get a look at the big picture and how gasoline prices could affect the economy. >> the economic model, gasoline prices, one of the troubles facing consumers in the early part of this year. let's put some numbers on it. $10 a barrel increase is negative 0.2. it's double, that's where it comes from the decline in spending and hit to consumers' pockets and half the impact on total investment according to eia. more to the energy bill and gasoline. consumer pay for both energy commodities, gasoline and diesel and energy services, electricity and natural gas. the gas part, that's the part that's been going up, the biggest part. the smaller piece, the utilities, they have been dock down. that's something of an offset, why the worst case scenarios courtney spun out may not come true. add up uncertainties, high gasoline prices, sequester, payroll taxes, security, growth, that line that goes through the green number, that's the range of forecast. you can see for the first quarter it's the largest, 3% to 1.5%. maybe lower if we get the sequester, payroll tax ends up worse than we thought. it's s
is really happening right now in our economy. what better indicator than to look at wal-mart sales because they're now reportedly putting out their quarterly sales about a billion dollars short of what they expected. fox business network stuart varney joins me on that. as wal-mart goes, so is going the nation perhaps, stuart? >> oh, yes. this isn't just one single company, one single retailer. this is america's economy. very good indicator of that and the news is not good. as you suggested there, martha, their sales are flat to down in the same stores over a comparable period. they took in about a billion dollars less than they were expecting to take in. you got to bear in end into the gas prices have gone straight up. that leaves less money available to go spend at wal-mart. taxes for everybody went up on january the 1st. same story. less money for people to spend at wal-mart. this is a disappointing indicator for the overall economy. it confirms we're still pretty weak. martha: you get that divide. you see what is going on with the ground on retail sales like you're reporting right here
people have been coming from mexico. and part of that is the bad economy in the u.s. there's just fewer jobs. part of that is a good economy in mexico. part of it's our enforcement. and of course, drug cartels and the drug war in mexico have played a huge role. >> but james, republicans are going to have to talk about border security, border security, border security to sell the other part of this. we saw john mccain and jeff flake, the two senators from arizona, having to sort of go back and forth and back and forth and slowly move their constituents along. and the way they do that is by talking tough on the border. >> yes. and this is politics playing out. right after the election, even sean hannity said well, maybe i'm for some kind of a border thing. the people in the republican party voting in these republican primaries, they're not sold on this. and i think senator mccain found that when he went back to arizona. it's going to happen time and time again. and they do have to bring them along. >> it's going to be tough in louisiana, too, isn't it? >> very. >> mary landrieu. is mary,
're going to cut everything right now, sequestration. it's going to slow down the economy. you've got democrats -- you've got the president running around because he only knows how to do one thing, ask for higher taxes. he's leading with the taxes. we've got to raise more taxes. it's the rich, it's the corporations, tax, tax, tax. i thought we had this debate before. democrats don't seem to understand that taxing americans dampens the economy, hurts small businesses, hurts a lot of americans. republicans don't seem to understand that massive unfocused cuts right now are going to slow down the economy and hurt americans, too. >> you seriously have to wonder whether anyone in washington, in the house, in the senate, in the white house, in the administration, republican, democrat, do they ever go outdoors? do they ever see what happens every day to ordinary americans? people who have been getting crushed economically for the past 10 or 15 years are now getting crushed again, doubly so. the payroll tax has been eliminated. have you checked out the price of gasoline over the past couple of
trillion dollar economy? >> well, if you look at it over all. we need to get on the trajectory to reduce smending it is how the cuts are put in place and especially in the without giving the military leaders ability to and without affecting our strategy. that is what we are in favor. and we reduce spending in the federal government and not just in this manner. they are placed on 20 percent of the budget . 50 percent of the cuts is 20 percent of the spending. there is other way to address spending including the mandatory spending programs. if we don't address social security and medicare, we'll not get our arms around the deficits. >> no, indeed . there is it a lot of talk that that has to happen. this comes back to a year ago when sequestitration employees a bad idea and not supposed to happen. talk about the finger pointing and the blame game. the president said the sequester idea came from congress and evidence showed that the president himself came up with want idea. >> we'll know that the president had that one of the conditions on the budget control act. since that time, i was speak
't miss pine river's ceo brian taylor. on our radar this morning, we have earnings and the economy. the national home of home builders releases its numbers for fen. after the bell, you have dell that's going to be a focus. the company in the middle of a buyout battle. it's going to be posting quarterly results after the close. our guest hoefs host this morning is sure to have an opinion on all these stories and many others, as well. the always forthcoming ken langone will be joining us on set starting at 7:00 eastern as our guest host for two hours. squawk will be hopping behind the wheel this morning. a week ago, there was a huge controversy that erupted over the tells sla. today our own phil lebeau will be taking the vehicle to boston. we'll get to all this in just a moment. andrew has the morning's top headlines. welcome back. >> thank you, becky. let's talk about the big headlines this morning. the office depot is in talk toes merge with smaller rival office max. expected to be a stock for stokz transaction. the deal could come as early as this week. kayla tousche will be joini
that the overall impact of the economy will be to slow down the recovery. >> what do we know about planned talks next week? >> not much. as you just were saying there's not been much in the way of talks so far and most of what the president has planned is what the republicans have been decrying as more of a campaign strategy than anything across the country and taking his case to the people about the potential effects of this sequester. he did make those calls to boehner and mcconnell yesterday. it was seen as prefunctory and no real negotiations and i think part of the reason why the discussion is turning in to a blame game is that both sides have basically accepted that this is going to happen and now all that remains is trying to blame each other for it when it comes. >> zachary, you know wall street and all sides of this. we have not seen a great reaction of wall street. that was the looming cloud with the fiscal cliff. what would wall street do and jolt me believes of congress. does that help or hurt the president as he tries to explain to people, at least what he feels will happen and not
in this town is a mind game. this is a diversion to keep you off the thought of this poor economy which generates crime. this is about crime and is trying to divert your attention away from it because they cannot create jobs. i have two quotes from people who know what they're talking about. bruce weinberg, ohio state university -- but officials can pass tougher citizen laws and take other steps to reduce crime but there are limits to how much these can do. we found that a badly premarket has a profound impact on the crime rates -- that a bad labor market has a profound impact on the crime rates. this causes more unemployment a spiral situation from which it is difficult to recover. what we need to do is create jobs, businesses. small businesses create less crime. though i walk through the valley of the shadow of death, i fear no evil because i am the meanest and fiercest person walking into the valley.[laughter] >> thank you. and a reminder of the los angeles riot.i was actually there during that time as well. you are absolutely right. that is what we saw. you are right, that most of t
paid more and have the so-called knowledge economy are able to get more. and then this relentless -- and this is the point, we talk a lot about jobs, we don't talk enough about incomes -- this relentless downward pressure on the average worker competing across the globe, not being able to get wage increases. what's happening with unions. we're now talking about the minimum wage and so forth. and so what's also interesting, if you look at the 2011 numbers which came out, you see something -- a slightly different pattern, which is the bottom 99% still going down, down minus 1.3%. they lost another $150 on their average income. but to your point, willie, the top has actually went down a little bit in that year as well. 0.6% for the top 1%, 6.7% for the top 1%. nobody is going to take up a collection for these guys. they have $23 million of average income. but this is probably a function of the fact that the stock market did not have a great year in 2011. >> those charts, those two combined charts, that is a prescription for social dynamite. i mean, the fuse is burning. >> and the fus
. it's a concern because of what's going on generally in the economy and with households. a bit of a cash squeeze. the payroll tax came back. and tax refunds have been slower this year than last. and walmart's core customer spends whatever cash comes in. and that seems like it might be squeezing things. gasoline prices on the rise again. a lot of this is coming together. and a concern for the walmart customers. >> is this a walmart problem? or retail in general? >> it seems like walmart's on the front lines of this issue because of their customer base. it seems as if we have our alert pretty much sensitive right now to any weakness in the consumer because of the bigger picture factors that are beyond walmart. >> and the frustration coming up. that could put a damper on the economy. walmart will be releasing their earnings next week for the last quarter. but what does this say about executives? still not learning their lesson about what you can and can't say in e-mails? >> i'm not sure we're ever going to get around that. basically business right now is constructed for rapid resp
, or with the rather put hundreds of thousands of jobs and our entire economy at risk just to protect a few special- interest tax loopholes that only benefit the few wealthiest and tax corporations. he likes the word of the month of washington is sequestration -- automatic $85 billion in spending cuts slated to take effect on march 1 unless congress reaches a deal. what will that mean? butt bring war to campus that is the message at university opposing the pentagon funding of the proposed new research center on campus to train special operations forces in interview techniques. first, we speak to sharif abdel kouddous just back from bahrain, or the u.s.-backed monarchy continues to crack down on pro- democracy activists. all of that and more coming up. this is "democracy now!," democracynow.org, the war and peace report. i'm amy goodman. republican senator lindsey graham has revealed he says the death toll in u.s. drone war overseas. at a speech in south carolina wednesday night, he said -- his comments mark the first time a u.s. official has offered a figure for those killed in nearly a decade of u
to do with a rotten economy. older adults are staying in the work force longer any younger adults staying out of the work force longer because they cannot get into it. host: if you don't have a retirement, there is this option -- norman is joining us from maryland, 45 years old. how much have you saved so far for your retirement? caller: first, thanks for having an article on this subject. i have been waiting for this opportunity. i have $2,800 in my 401k plan. i am wanting your opinion for people my age. i was born in 1968. it seems we are at the tail end of the pension plans and profit- sharing and at the front end of all the financial crises in the country. people my age, it seems we were never able told the 10% we were told, the city to hold 10% your entire working life for your retirement. between jobs and layoffs -- and i have always been fortunate to make as much as college graduates, but between the jobs and layoffs throughout my work life and the clinton era taxes and everything -- i'm not blaming him, i thought he was a good president even though i am a republican, i jus
the jobs that depend on them? or would they rather put hundreds of thousands of jobs and our entire economy at risk just for protect a few special interest tax loopholes that benefit only the wealthiest americans? that's the choice. >> when folks here that at home, lois, is this something that boils down to republicans being seens the losers. when you got americans, workings folks, standing behind the president in this bully pulpit forum. we don't expect to have a press conference tomorrow with teachers behind him saying i'm okay with losing my job? >> that's right. the president and the white house have done a very effective job in framing this. you know, his speech this morning was really, the sky is falling. the sky is falling. prisoners are going to be let free. the borders aren't going to be protected. you know, you're going to be in danger flying. and the reality might not quite be as dire because 30 days after the sequestration goes in, there's something called the continuing resolution where all this money goes back into a big pool and it can be shifted and used in all manner of thi
the most advanced technology to protect our water. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ ♪
. >> what are they saying and what are they saying about the economy? >> looking backward they're saying walmart had a very good christmas. they earned more than expected. they came in light on sales. however, going forward that's really a question. walmart is considered a bellwether for our economy and what they told us this morning is that the payroll tax cut is impacting consumers. the hike that we saw at the beginning of the year the 2% hike which takes about $20 out of people's weekly paycheck is hitting the consumer and gasoline prices are up 50 cents in the last month and there's a tell prey knock on the consumer right now because refunds have been delayed. the tax code had to be overhauled as a result of the many of the reforms of last year and they're saying their consumer has been hit by delays in the refund checks about $20 billion in refund checks didn't go out on time. >> all right. new information. rebe rebecca rebecca, thank you. >>> the obama administration plans fines, penalties, and trade sanctions against any government that sponsors hacking.
this is a good time for the economy. are you kidding? it is not a great sign for the economy. dell? michael dell try to take back his own company, looking to do some things behind the scenes, but no takeover battle and higher battle. heinz was more of a world deal. not seen the kind of things we're looking for. the market is grappling for things. what i wanted to kind of talk about with the audience is key members on the downside. let's talk about the key support levels. it is a key number that i like to see if we drift on no news, the market to make a stand, the number that must hold the moving average, let's just call it 13,600. if for any reason we get hurt and got out to that level, that is the market must make a stand. certainly want to see the market make a stand. once all the news went away, some form of analysts. would find a way to go up but so far has not been able to find a catalyst. and i'm a little bit nervous on the talks of sequestration. the president yesterday was talking if the white house those things are getting bad and just trying to set up the escape hatch so they cannot bl
this morning. it's a bellwether for the nation's economy. rebecca jarvis is here with us. what are they saying about the economy? >> looking backwards walmart had a good christmas, that holiday sales worked out well for them they earned more than wall street was expecting, they came in a little light on sales. however, going forward, that's really the question walmart is considered a bellwether for our overall economy and what they told us this morning is that the payroll tax cut is impacting consumers, that pike that we saw at the beginning of the year the 2% hike that takes about $20 out of people's weekly paychecks, that's getting their consumer also gasoline price is up 50 cents in the last month, that's hitting consumers and there's a temporary knock on the consumer because refunds have been delayed. the tax code had to be overhauled as a result of many of the reforms at the end of last year and they're saying their consumer has been hit by delays in the refund checks about $20 billion in refund checks didn't go out on time. >> new information this morning rebecca t
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by one. number one, chapter one. earth inc, a new interconnected, global economy that operates as if it is a single entity. we've been seeing the outsourcing of jobs, and we've been seeing the connection of the supply side, and now we have virtual factories with supply lines running to hundreds of countries and almost every business has to see its competitive landscape in the global dimension. earth inc.has a different relationship to national government and national economic policies now, a different relationship to labor and capital and natural resources, the three classic factors of production. look, for example, one of the changes that illustrates this new really of effort inc. , and normally after a recession when we get a recovery and growth resumes, the jobs come back, and that's the way it's always been, but in the last couple of recessions, it had not happened that way because we now have this gloanl reality, and -- global reality, and some businesses that lay people off in the recession, they are not hiring them back the way they used to. some of them, yes, but we now
and more every day to power their growing economy, just as opec cut their output, and here at home, refineries are shutting down for maintenance as they prepare to switch to a summer blend. then market speculation and a weaker dollar play a role. >> we have to work, we keep coming to work every day. you have to put gas in your car to come to work. >> reporter: 43 cents in a month. >> that was nbc's tom costello. >>> after a weekend, the president and staffers will be back at work this morning, but with only ten days to prevent the automatic spending cuts, one group will be absent. >> reporter: good morning, congress is away all week on recess, now strategists say they will make calls and try to come up with alternative savings. but voters here at the capitol say that is not good enough. president obama is back at the white house after a weekend golfing in florida. but congress is still away on recess, taking a break announced monday. voters in the capitol are upset that they actually went home. >> i would be hard at work. >> reporter: congress has just a week left to avoid the self
reduction over ten years. with the economy making strides, the white house arguest now is not the time and want hz to replace cuts with more tax revenue despite republican opposition. >> they willpu not even consider anything that includes increased revenues.nu not even closing loopholes for jets or oil and gas companies. that seems to be to be a position that we ought to have them reexamine and come to the table and have a real discussion. >> if you want to look at ways to find $1.2 trillion, let's look at$1 obama care. let's don'ts destroy the military and cut blindly across th reporter: it'h in agreement the dc region will be the most impacted. and coming up at 7:30, a closer looa at what it will mean for ourou local economy. >> all right, melanie. thank you very much. th>>> in other news, a leaked immigration proposal is drawing harsh criticism from republicans. the draft bill leaked to usa today would create a special visa for illegal immaterial grants allowing them to stay in the u.s. only those who have been convicted of less than three crimes and spent no more than a year in pr
without rules to build our economy up and now that we have gotten to the top we are trying to hamstring them or trying to tie them up with a nod of rules and regulations to hold china down. .. >> next, and anarchy recorded at university of pennsylvania and philadelphia, transport shares stories about her experiences on the united dates commission on civil rights set up by president eisenhower in 1957. this is about half an hour. >> host: well, on your screen now on booktv is a well-known face for c-span viewers, that is =tranfour, professor at university of pennsylvania and also via her of several books. read the university of pennsylvania to talk to her about this book, "and justice for all: the united states commission on civil rights and the continuing struggle for freedom in america" mary frances berry, when did the u.s. civil rights commission began? >> guest: the civil rightscivils commission began in 1957.. president eisenhower had a lot f discussions with john fostere dulles, secretary of state about the way the united states was ws seen around the world because of the racism go
our economy. but congress has to act. >> reporter: the white house wants a plan with smaller spending cuts and more tax revenues. republicans say the government is already too bloated. and higher taxes should not be part of this equation. >> but expert isabel thawhill says the automatic cuts will hurt the economy. even though most government agencies should be able to weather them. >> most organizations can manage a cut of 5, 7% in their budgets. without long-term harm. i don't mean it won't be painful. it will be. >> reporter: allen simpson and erskine bowles say they will start feeling the effects of longer lines at the airport. >> when that happens, they're going to come to congress and say, we're sick of this. let's get together and do something smart. >> reporter: lawmakers will have just a few days to stop the automatic cuts when they return from recess next week. at the white house, danielle nottingham, wjz eyewitness news. >> and the automatic cuts total $85 billion. the military alone will see a $46 billion cut from the pentago
recovering from receipt session. >> our economy used to be -- the recession. >> our economy used to be the fastest growing in the nation as a metropolitan area. now we're in the bottom 1/3. >> reporter: but the battle lines remain the same as the democrats blame republicans for not going along with their plans to raise higher tax revenues. >> since the new congress began they have not put forward one proposal to prevent the across the board sequester. >> i try to put myself in the place of the regular citizen who sits here and watches this. they got to be scratching their heads. >> reporter: republicans insist deeper entitlement cuts are needed, not more tax money. >> now it's time to get serious about reducing washington's out of control spending. >> reporter: virginia republican congressman randy forbes says the white house is to blame for the sequestration crisis because he says it created the budget cutting mechanism in the first place. >> the president signed it into law. he doesn't have to sign it into law. he did and for over a year from august, 2011 through the end of
that doesn't endanger our economy and jobs. >> reporter: now, just to hammer that message home, the white house sent out ray lahood to talk to reporters at the white house briefing. he talked about what he called a cal c calamity if these cuts go through. 47,000 faa employees are facing furloughs. that would result in delays at the airports and air traffic control would not have the staff that they normally would have and they might be closed altogether at the small air traffic control offices. here's what the transportation secretary had to say. >> flights to major cities, like new york, chicago, san francisco, and others could experience delays up to 90 minutes during peak hours because we have fewer controllers on staff. delays in these major airports will ripple across the country. >> reporter: now, earlier today, house speaker john boehner sent out a tweet complaining that the president is spending more time trying to blame republicans that he's actually engaging in negotiations and i can tell you from talking to both the speaker's office and the office of senate minority leader mitc
the economy would take a hit if federal spending cuts are made. congress remains on vacation this week. little hope for a deal between now and the march 1st deadline. >> thank you very much. >>> and happening today, former congressman jesse jackson junior and his wife sandra will appear in a court for a plea hearing. accused of scheming to spend hundreds of thousands of dollars of campaign funds on personal items. both have agreed to plead guilty and both face jail time. >> 7:10 now on this wednesday morning. how much do you spend on coffee each morning? >> $5 at starbucks isn't unusual but how about close to $50? what may be a record setting jolt of joe. >> two american cardinals make news ahead of the pope's resignation. the other is dealing with questions over controversy will keep him out of the conclave. >> but first, did the bubble burst from maryland? dave ross serves up sports breakfast with a bad terps loss coming on the heels of their huge win. >> and as we take you to the break a live look outside. the latest weather and traffic from tucker and julie next. 7:10. 34 degrees outside.
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